Are Real Credit Unions FCU*d?

Real credit unions may have to reconsider their strategic options. History was made with the FICOM approval of the Coast Capital Saving application to be ‘continued’ as a Federal Credit Union (FCU). This action has the potential to totally restructure the BC credit union system.  While the commission did say that would consider the impact […]

Continue reading


New Government Decisions

As the new Minister of Finance, Carole James, has several issues on her plate.  The two simplest are getting attention, because they are listed in the direction given to her by the new premier.   One is taxation, reversing the scheduled increase that faces large credit unions that no longer qualify as ‘small business’.  And second, […]

Continue reading


de-Banked

Watch out if you use the word ‘bank’.  On June 30th the Office of the Superintendent of Financial Institutions (“OSFI”) issued an advisory that re-asserted that the use of the words bank, banker, and banking are restricted under The Bank Act.  OSFI expressed displeasure at the expanded use of the words by non-banks and they […]

Continue reading


Scrutinizing Governance

The leadership at Coast Capital Savings is pursuing the ‘journey’ to become a federal credit union.  A few members of Coast Capital have expressed some alarm at the manner in which the consent of members was pushed through to authorize the project.  I have also written a couple of posts (Bank?, and Sales Culture).   […]

Continue reading


Regulatory Arbitrage

This is a new frontier for credit unions.  Regulatory Arbitrage is a big part of decision-making in large corporate entities as they choose where and how to do business.  The issue is the potential impact of requirements in certain legal jurisdictions; differing requirements drive corporate structures, governance practices, business strategies, investments, business location, staffing, and, […]

Continue reading


Bankers` Long Game

warning

Consolidation and cartel building is the long term strategy of the Big Banks and it seems to go on without much alarm.  This is partly because of their patience and partly because other players are distracted by other things; technology, risk management, new capital rules, new liquidity monitoring tools,  mortgage insurance changes, etc..  But these […]

Continue reading


Coast Capital Sales Culture

Questions are being put to Canadian banks about ethical sales practices. Are consumers being sold things they do not need?  Are banks picking people’s pockets?  Such questions may also be put to Coast Capital Savings, BC’s second largest credit union, now proposing to be a bank.  The members of Coast Capital Savings Credit Union are […]

Continue reading


What is Full and Fair?

FICOM is seeking input on the application from Coast Capital Savings to go federal.  One question posed by FICOM is, “Have members been provided with full and fair disclosure upon which to make their decision?”  Members of Coast Capital were asked to vote on a special resolution in November. “Full and fair” is not a […]

Continue reading